How to Register a Business and Apply for Licences in Singapore - Daddy Tv

The right structure ensures compliance, minimizes risks, and maximizes operational efficiency, influencing the company’s long-term success. Upon successful registration of your business entity, you may need to apply for a licence or permit from other government agencies before commencing business. All applications are usually processed and approved within 15 minutes of the payment of application fee. Applications that need to be referred to another government agency may take 14 to 60 days to be processed and approved.

1. More information on the eligibility requirements and application process here.
2. Exemptions are granted for business owners who operate their businesses using their names as reflected in their NRICs.
3. Choosing the right business structure in Singapore is crucial as it impacts liability, taxation, and regulatory obligations.
4. The telecommunication infrastructure of Singapore covers the entire country, with near zero blackouts or downtime.
5. It’s one of the easiest places to start a company in the world – it’s currently ranked #2 in the World Bank’s Doing Business rankings.

Approved company names will be held and secured for 60 days from the date of your application. If you need to extend the name reservation for another 60 days, you may do retained earnings formula definition so by filing an extension just before the initial hold expires. An LLP is typically established to carry a profession, such as attorneys, architects, etc. where two or more would like to join together and form a practice in their shared field. The profits are taxed at partners’ personal income tax rates if the partner is an individual and at corporate tax rates if the partner is a body corporate. This type of business is straightforward but carries more risk for its owner since the owner will be personally liable for his/her company. Registration makes it easier for the public to find your business and transact with it.

What are the ongoing compliance requirements after company registration?

To start and operate a business in Singapore, you must first choose your preferred business structure. Next, you need to register your company with the Singapore Company Regulator, known as The Accounting and Corporate Regulatory Authority (ACRA). ACRA, a statutory board under Singapore’s Ministry of Finance, serves as the national regulator for business entities, public accountants, and corporate service providers in Singapore. Here is a checklist of all essential requirements to register a Singapore company. Once you’ve understood the steps required from the guide, start the registration process by choosing a business structure. Consider factors such as the number of owners for your venture, your business plan, and the ease of setup and maintenance for each business structure to decide which one best fits your venture.

How To Register a Company in Singapore – 2024 Complete Guide

After that, you’ll be led to a list of recommended steps to take in a Guided Journey, which include applying for your business name and registering your business. One example is the Productivity Solutions Grant (PSG), which subsidizes the cost of digitally enhancing your business. Sleek is a pre-approved PSG vendor, which means entrepreneurs can get some of our services subsidized by the government. For example, eligible clients can get up to 70% off their yearly accounting fees. Singapore has business-friendly tax rates and a wealth of tax incentives to encourage the growth of businesses and entrepreneurship, which makes incorporating a company in Singapore a good idea. You may need to travel in order to set up a corporate bank account, depending on the bank you choose.

If you don’t have an EP, you can hire a visa agent like Sleek to submit the EP application on your behalf. Unless the company has been exempted from audit you every company must appoint an auditor within 3 months of registration. Get an estimate of how much it costs to start and run a business in Singapore with our Setup Cost Calculator. Read up on choosing an escrow agent the regulations that are specific to your business sector or industry.

Business registration matters

Your company can be a private limited (Pte Ltd), a sole proprietorship or a limited liability partnership (LLP). Once you’ve reserved your business name and completed your registration, your next move is to set up a Corppass Administrator account. You will need to register for GST if you expect your company’s annual turnover to be more than S$1 million.

In Singapore, all businesses are generally required to register with the Accounting and Corporate Regulatory Authority (ACRA). Exemptions are granted for business owners who operate their businesses using their names as reflected in their NRICs. If you’re registering a Sole Proprietorship or Partnership, you can reserve your business name and register the company via GoBusiness, by logging in with your Singpass. Ready to turn your business dreams into reality, but feeling daunted at the thought of incorporating your venture? GoBusiness is here to help, by making the process seamless, fuss-free, and all the more easy for you to kickstart your business and be your own boss. In addition to the ocean of venture capital pouring into Singapore, the Singapore government has also adopted several very pro-innovation and entrepreneur-friendly policies in a bid to attract foreign startups.

Tax benefits are one of the main reasons why many companies choose to register a company in section 338 business sale Singapore. Had an extremely pleasant experience dealing with the Sleek platform. This was after trying to apply via the ACRA portal directly, which ended up being extremely difficult due to the poor UI/UX (not recommended for beginners). The Sleek platform and interface was also extremely user friendly. He (Oswyn) understood the urgency of setting up the account quickly and expedited the request, resulting in the entity being set up in less than 3 hours. Get more information on the documents required and the process of applying for an EntrePass here or consult our visa experts.

There are different requirements and supporting documents you will need, depending on your business structure. Alternatively, you may also appoint a registered filing agent to submit the application on your behalf. Learn about the different business structures and find out which one best suits your business. If you are thinking of starting a small-scale business from home, here’s a step-by-step guide to help you. If you’re starting a business in Singapore, the first question to consider is whether you need to register it.